Zhaojin Mining (01818) reported an 80% year-on-year increase in first-quarter net profit, reaching 1.189 billion yuan, primarily benefiting from rising gold prices. Gross profit for the period was 2.073 billion yuan, up 46% compared to the same period last year. Citigroup anticipates that gold production will gradually increase following the mid-March resumption of mining operations, estimating that self-produced gold inventory rose quarter-on-quarter by the end of the first quarter. The firm reaffirmed its "Buy" rating and assigned a target price of HK$37.5.